De Beers has found its first new kimberlite deposit in more than 30 years while exploring an Angola site that’s part of its joint venture with state-owned diamond miner Endiama.

During the exploration phase earlier this year, the parties identified “a high-priority cluster of targets” using airborne surveys, De Beers said Tuesday. Last month, De Beers’ and Endiama’s drilling successfully intersected kimberlite, the host rock for diamonds.

Over the coming months, the two mining companies will carry out further drilling, geophysical ground surveys, and laboratory analysis to confirm the kimberlite type and assess its diamond potential, De Beers said.

De Beers first signed mineral investment contracts with Angola in 2022, and a memorandum of understanding in 2024.

“Angola is, in our view, one of the best places on the planet to look for diamonds, and this discovery reinforces our confidence,” said De Beers CEO Al Cook in Tuesday’s announcement. “It is a powerful reminder of what can be achieved through partnership, and I commend [President João Lourenço] and his government for all the work they have done to enhance transparency, adopt international best practices, and create a business-friendly environment, all of which have enabled us to return to Angola and seek new sources of supply.” 

He expressed excitement about “the role De Beers can play in helping the country deliver on its huge potential, both below and above the ground.”